GBP/JPY dipped to a low of 139.53 and tested the 50% corrective target. We are looking for confirmation that the wave 2 has completed with the test of 139.53 and a new rally higher. A breakout above resistance at 140.69 will be a strong indication that the wave 3 higher to 151.50 is developing.
Short-term support is now seen at 139.98 and again at 139.77.
R3: 142.21
R2: 141.71
R3: 141.17
Pivot: 140.69
S1: 140.13
S2: 139.98
S3: 139.77
Trading recommendation:
We have bought GBP at 139.80 and we will place our stop at 139.45.
